okay its a question with jus two parts but thr teo parts happen to be long! I hope you can help thisbhomeowrk due Friday at 7 am
Forecast the income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Statements of income For Year Ended (5 millions) Sep. 1, 2019 Sep. 2, 2018 Net sales $298,702 $276,868 Membership fees 6,704 6,284 Total revenue 305,406 283,152 Merchandise costs 265,772 246,304 Selling general and administrative 29,988 27,752 Preopening expenses 172 136 Operating income 9,474 8,960 Interest expense (300) (318) Interest income and other, net 356 242 Income before income taxes 9,530 8,884 Provision for income taxes 2,122 2.526 Net income including noncontrolling interests 7,408 6,358 Net income attributable to noncontrolling interests (90) (90) Net Income attributable to Costco $7,318 56,268 COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep. 1, 2019 Sep. 2. 2018 Current Assets Cash and cash equivalents $16.768 $12.110 Short-term investments 2,120 2,408 Receivables, net 3,070 3.338 Merchandise inventories 22,790 22,080 Other current assets 2,222 642 Total current assets 46,970 40,578 Property and Equipment Land 12,834 12,386 Buildings and improvements 34,272 32,214 Equipment and fixtures 15,602 14,548 Construction in progress 2,544 2.280 Gross property and equipment 65,252 61,428 Less accumulated depreciation and amortization (23,472) (22,066) Net property and equipment 41,780 39,362 Other assets 2,050 1.720 Total assets $90,800 $81,660 Current Liabilities Accounts payable $23,358 $22.474 Accrued salaries and benefits 6352 5 989 Accrued member rewards 2.360 2.114 Deferred membership fees 3.422 3245 3398 180 Current portion of long term debt Other current liabilities 7.584 5,848 Total current liabilities 46,474 39.852 Long-term debt, excluding current portion 10,248 12.974 Other liabilities 2910 2.628 Total liabilities 59.632 55.454 Equity Preferred stock 5.01 par value 100,000,000 shares authorized Common stock $0.01 par value: 900,000,000 shares authorized 8 8 Additional paid in capital 12.834 12214 Accumulated other comprehensive loss 12,872) 12.398) Retained earnings 20,516 15.774 Total Costco stockholdersequity 30.486 25.598 Noncontrolling interests 682 608 Total equity 31,168 26 206 Total liabilities and equity $90,800 $81,660 #no shares issued and outstanding **879,250,000 and 876,378,000 shares issued and outstanding Required Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combine all property and equipment accounts into Net property and equipment, Forecasts assumptions Forecast Net sales and Membership fees using their respective historical growth rates (2018 to 2019). Forecast the following as a percentage of Net sales: Merchandise costs Receivables, net Merchandise inventories Accounts payable Accrued member rewards Forecast income tax as 23% of pretax income Forecast Deferred membership fees as a percentage of Membership fees Assume no change in the balance of the following: Preopening expenses Interest expense Interest income Net income attributable to noncontrolling interest Short-term investments Preferred stock Common stock Accumulated other comprehensive loss . Debt maturing in fiscal 2020 and 2021 is 53,398 million and $2,188 million, respectively. The company anticipates repurchasing $500 million in common stock in fiscal 2020, The 2019 statement of cash flows reports the following: Depreciation expense of $2.984 million Dividends of $2,076 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) Stock-based compensation (a noncash expense that is included in SG&A expense and is added to Additional paid-in capital) of $1,190 million CAPEX of $5,996 million Forecast all other items as a percentage of total revenues. Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories. Note: Round your final answers below to the nearest whole dollar. COSTCO WHOLESALE CORP Forecasted Income Statement For the year ended Sep. 01, 2020 S millions Forecast Net sales 0 Membership fees 0 Total revenues 0 Expenses Merchandise cost 0 Selling general and administrative Preopening expenses 0 Operating income 0 Interest expense 0 Interest income and other net 0 Income before income taxes 0 Provision for income taxes 0 Net income including noncontrolling interests 0 Net income attributable to noncontrolling 0 Net income attributable to Costco $ 0 COSTCO WHOLESALE CORP Balance Sheet Sen 01 2020 COSTCO WHOLESALE CORP Balance Sheet Sep 01, 2020 $ millions Forecast $ 0 Cash and cash equivalents Short-term investments 0 Receivables, net 0 Merchandise inventories Other current assets 0 Total current assets 0 0 Net property and equipment Other assets 0 Total assets $ 0 Accounts payable 3 0 Accrued salaries and benefits 0 Accrued member rewards 0 Deferred memberships fees 0 Current portion of long-term debt 0 Other current liabilities 0 Total current liabilities 0 Long term debt, excluding current portion 0 Other liabilities 0 Total liabilities 0 Preferred stock 0 Common stock 0 Additional paid in capital Accumulated other comprehensive loss 0 Retained earnings 0 Treasury stock 0 Total Costco stockholders' equity 0 Noncontrolling interests 0 0 Total liabilities and equity $ 0 Total equity COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 S millions Forecast Net income including noncontrolling interests $ 0 Add Depreciation 0 Add: Stock-based compensation Receivables, het Merchandise inventories 0 ARSLAS 0.00 0 COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 $ millions Forecast 0 Net income including noncontrolling interests $ 0 Add: Depreciation 0 Add: Stock-based compensation 0 Receivables, net 0 Merchandise inventories Other current assets 0 0 Other assets Accounts payable 0 Accrued salaries and benefits 0 Accrued member rewards 0 Deferred membership fees 0 Other current liabilities 0 Other liabilities 0 Net cash from operating activities 0 Capital Expenditures 0 Net cash from investing activities 0 Dividends 0 Change in current maturities of L-T debt 0 Change in L T Debt 0 Stock repurchases 0 Net cash from financing activities 0 Net change in cash 0 Beginning cash 0 Ending cash $ 0 Check Previous Save Answers Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Statements of Income For Year Ended (5 millions) Sep. 1. 2019 Sep. 2, 2018 Net sales $298,702 $276,868 Membership fees 6,704 6,284 Total revenue 305,406 283,152 Merchandise costs 265,772 246,304 Selling general and administrative 29.988 27,752 Preopening expenses 172 136 Operating income 9,474 8.960 Interest expense (300) (318) Interest income and other, net 356 242 Income before income taxes 9,530 8,884 Provision for income taxes 2,122 2,526 Net income including noncontrolling interests 7.408 6,358 Net income attributable to noncontrolling interests (90) 190) Net income attributable to Costco 57,318 $6,268 COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep 1, 2019 Sep. 2. 2018 Current Assets Cash and cash equivalents $16.768 $12.110 Short-term investments 2.120 2,408 Receivables, net 3,070 3,338 Merchandise inventories 22,790 22,080 Other current assets 2.222 642 Total current assets 46,970 40.578 Property and Equipment Land 12,834 12.386 Buildings and improvements 34,272 32,214 Equipment and fixtures 15,602 14,548 Construction in progress 2544 2.280 Gross property and equipment 65.252 61,428 Less accumulated depreciation and amortization (23,472) (22,066) Net property and equipment 41.780 39,362 Other assets 2.050 1.720 Total assets $90,800 581,660 Current Liabilities Accounts payable $23.358 $22.474 Net income attributable to noncontrolling interest Short-term investments Preferred stock Common stock Accumulated other comprehensive loss Debt maturing in fiscal 2020 and 2021 is $3,398 million and $2,188 million, respectively, The company anticipates repurchasing $500 million in common stock in fiscal 2020. The 2019 statement of cash flows reports the following: Depreciation expense of $2,984 million Dividends of $2,076 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) Stock-based compensation (a noncash expense that is included in SG&A expense and is added to Additional paid-in capital) of $1,190 million CAPEX of $5,996 million Forecast all other items as a percentage of total revenues, Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories Note: Round your final answers below to the nearest whole dollar. COSTCO WHOLESALE CORP Forecasted Income Statement For the year ended Sep. 01, 2020 $ millions Forecast Net sales $ 644,966 x Membership fees 530 X Total revenues Expenses Merchandise cost OX Selling general and administrative OX Preopening expenses OX Operating income 0 x Interest expense 0 X Interest income and other, net 0 x Income before income taxes OX Provision for income taxes OX Net Income including noncontrolling interests OX Net income attributable to noncontrolling 0 X Net income attributable to Costco $ 0 x COSTCO WHOLESALE CORP Balance Sheet Sep. 01, 2020 S millions Forecast Cash and cash equivalents 5 0 x Short-term investments 530 X Receivables, net OX Merchandise inventories 0 x Other current assets OX Total current assets OX Net property and equipment 0 x Other assets OX Total assets 5 OX Accounts payable $ 0 x Accrued salaries and benefits 0 X Accrued member rewards Deferred memberships fees 0 x Current portion of long-term debt 0 X Other current liabilities 0 x Total current liabilities Long term debt, excluding current portion OX Other liabilities OX Total liabilities OX Preferred stock 0 Common stock 0 X Additional paid-in capital OX Accumulated other comprehensive loss OX Retained earnings OX Treasury stock OX Total Costco stockholders' equity OX Noncontrolling interests OX OX Total liabilities and equity Total equity COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 S millions Forecast Net income including noncontrolling interests 5 OX Add: Depreciation OX Add: Stock-based compensation OX Receivables.net OX COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 $ millions Forecast Net income including noncontrolling interests $ 0 x Add: Depreciation 0 x Add: Stock-based compensation OX Receivables, net Merchandise inventories 0 X Other current assets 0 x Other assets 0 x Accounts payable 0 x Accrued salaries and benefits Accrued member rewards OX Deferred membership fees 0 x Other current liabilities 0 x Other liabilities Net cash from operating activities OX Capital Expenditures 0 X Net cash from investing activities 0 x Dividends 0 x Change in current maturities of L-T debt OX Change in L-T Debt OX Stock repurchases 0X Net cash from financing activities OX Net change in cash 0 X Beginning cash 0X Ending cash OX $ Forecast the income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Statements of income For Year Ended (5 millions) Sep. 1, 2019 Sep. 2, 2018 Net sales $298,702 $276,868 Membership fees 6,704 6,284 Total revenue 305,406 283,152 Merchandise costs 265,772 246,304 Selling general and administrative 29,988 27,752 Preopening expenses 172 136 Operating income 9,474 8,960 Interest expense (300) (318) Interest income and other, net 356 242 Income before income taxes 9,530 8,884 Provision for income taxes 2,122 2.526 Net income including noncontrolling interests 7,408 6,358 Net income attributable to noncontrolling interests (90) (90) Net Income attributable to Costco $7,318 56,268 COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep. 1, 2019 Sep. 2. 2018 Current Assets Cash and cash equivalents $16.768 $12.110 Short-term investments 2,120 2,408 Receivables, net 3,070 3.338 Merchandise inventories 22,790 22,080 Other current assets 2,222 642 Total current assets 46,970 40,578 Property and Equipment Land 12,834 12,386 Buildings and improvements 34,272 32,214 Equipment and fixtures 15,602 14,548 Construction in progress 2,544 2.280 Gross property and equipment 65,252 61,428 Less accumulated depreciation and amortization (23,472) (22,066) Net property and equipment 41,780 39,362 Other assets 2,050 1.720 Total assets $90,800 $81,660 Current Liabilities Accounts payable $23,358 $22.474 Accrued salaries and benefits 6352 5 989 Accrued member rewards 2.360 2.114 Deferred membership fees 3.422 3245 3398 180 Current portion of long term debt Other current liabilities 7.584 5,848 Total current liabilities 46,474 39.852 Long-term debt, excluding current portion 10,248 12.974 Other liabilities 2910 2.628 Total liabilities 59.632 55.454 Equity Preferred stock 5.01 par value 100,000,000 shares authorized Common stock $0.01 par value: 900,000,000 shares authorized 8 8 Additional paid in capital 12.834 12214 Accumulated other comprehensive loss 12,872) 12.398) Retained earnings 20,516 15.774 Total Costco stockholdersequity 30.486 25.598 Noncontrolling interests 682 608 Total equity 31,168 26 206 Total liabilities and equity $90,800 $81,660 #no shares issued and outstanding **879,250,000 and 876,378,000 shares issued and outstanding Required Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combine all property and equipment accounts into Net property and equipment, Forecasts assumptions Forecast Net sales and Membership fees using their respective historical growth rates (2018 to 2019). Forecast the following as a percentage of Net sales: Merchandise costs Receivables, net Merchandise inventories Accounts payable Accrued member rewards Forecast income tax as 23% of pretax income Forecast Deferred membership fees as a percentage of Membership fees Assume no change in the balance of the following: Preopening expenses Interest expense Interest income Net income attributable to noncontrolling interest Short-term investments Preferred stock Common stock Accumulated other comprehensive loss . Debt maturing in fiscal 2020 and 2021 is 53,398 million and $2,188 million, respectively. The company anticipates repurchasing $500 million in common stock in fiscal 2020, The 2019 statement of cash flows reports the following: Depreciation expense of $2.984 million Dividends of $2,076 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) Stock-based compensation (a noncash expense that is included in SG&A expense and is added to Additional paid-in capital) of $1,190 million CAPEX of $5,996 million Forecast all other items as a percentage of total revenues. Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories. Note: Round your final answers below to the nearest whole dollar. COSTCO WHOLESALE CORP Forecasted Income Statement For the year ended Sep. 01, 2020 S millions Forecast Net sales 0 Membership fees 0 Total revenues 0 Expenses Merchandise cost 0 Selling general and administrative Preopening expenses 0 Operating income 0 Interest expense 0 Interest income and other net 0 Income before income taxes 0 Provision for income taxes 0 Net income including noncontrolling interests 0 Net income attributable to noncontrolling 0 Net income attributable to Costco $ 0 COSTCO WHOLESALE CORP Balance Sheet Sen 01 2020 COSTCO WHOLESALE CORP Balance Sheet Sep 01, 2020 $ millions Forecast $ 0 Cash and cash equivalents Short-term investments 0 Receivables, net 0 Merchandise inventories Other current assets 0 Total current assets 0 0 Net property and equipment Other assets 0 Total assets $ 0 Accounts payable 3 0 Accrued salaries and benefits 0 Accrued member rewards 0 Deferred memberships fees 0 Current portion of long-term debt 0 Other current liabilities 0 Total current liabilities 0 Long term debt, excluding current portion 0 Other liabilities 0 Total liabilities 0 Preferred stock 0 Common stock 0 Additional paid in capital Accumulated other comprehensive loss 0 Retained earnings 0 Treasury stock 0 Total Costco stockholders' equity 0 Noncontrolling interests 0 0 Total liabilities and equity $ 0 Total equity COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 S millions Forecast Net income including noncontrolling interests $ 0 Add Depreciation 0 Add: Stock-based compensation Receivables, het Merchandise inventories 0 ARSLAS 0.00 0 COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 $ millions Forecast 0 Net income including noncontrolling interests $ 0 Add: Depreciation 0 Add: Stock-based compensation 0 Receivables, net 0 Merchandise inventories Other current assets 0 0 Other assets Accounts payable 0 Accrued salaries and benefits 0 Accrued member rewards 0 Deferred membership fees 0 Other current liabilities 0 Other liabilities 0 Net cash from operating activities 0 Capital Expenditures 0 Net cash from investing activities 0 Dividends 0 Change in current maturities of L-T debt 0 Change in L T Debt 0 Stock repurchases 0 Net cash from financing activities 0 Net change in cash 0 Beginning cash 0 Ending cash $ 0 Check Previous Save Answers Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. COSTCO WHOLESALE CORP Consolidated Statements of Income For Year Ended (5 millions) Sep. 1. 2019 Sep. 2, 2018 Net sales $298,702 $276,868 Membership fees 6,704 6,284 Total revenue 305,406 283,152 Merchandise costs 265,772 246,304 Selling general and administrative 29.988 27,752 Preopening expenses 172 136 Operating income 9,474 8.960 Interest expense (300) (318) Interest income and other, net 356 242 Income before income taxes 9,530 8,884 Provision for income taxes 2,122 2,526 Net income including noncontrolling interests 7.408 6,358 Net income attributable to noncontrolling interests (90) 190) Net income attributable to Costco 57,318 $6,268 COSTCO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Sep 1, 2019 Sep. 2. 2018 Current Assets Cash and cash equivalents $16.768 $12.110 Short-term investments 2.120 2,408 Receivables, net 3,070 3,338 Merchandise inventories 22,790 22,080 Other current assets 2.222 642 Total current assets 46,970 40.578 Property and Equipment Land 12,834 12.386 Buildings and improvements 34,272 32,214 Equipment and fixtures 15,602 14,548 Construction in progress 2544 2.280 Gross property and equipment 65.252 61,428 Less accumulated depreciation and amortization (23,472) (22,066) Net property and equipment 41.780 39,362 Other assets 2.050 1.720 Total assets $90,800 581,660 Current Liabilities Accounts payable $23.358 $22.474 Net income attributable to noncontrolling interest Short-term investments Preferred stock Common stock Accumulated other comprehensive loss Debt maturing in fiscal 2020 and 2021 is $3,398 million and $2,188 million, respectively, The company anticipates repurchasing $500 million in common stock in fiscal 2020. The 2019 statement of cash flows reports the following: Depreciation expense of $2,984 million Dividends of $2,076 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) Stock-based compensation (a noncash expense that is included in SG&A expense and is added to Additional paid-in capital) of $1,190 million CAPEX of $5,996 million Forecast all other items as a percentage of total revenues, Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297. This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories Note: Round your final answers below to the nearest whole dollar. COSTCO WHOLESALE CORP Forecasted Income Statement For the year ended Sep. 01, 2020 $ millions Forecast Net sales $ 644,966 x Membership fees 530 X Total revenues Expenses Merchandise cost OX Selling general and administrative OX Preopening expenses OX Operating income 0 x Interest expense 0 X Interest income and other, net 0 x Income before income taxes OX Provision for income taxes OX Net Income including noncontrolling interests OX Net income attributable to noncontrolling 0 X Net income attributable to Costco $ 0 x COSTCO WHOLESALE CORP Balance Sheet Sep. 01, 2020 S millions Forecast Cash and cash equivalents 5 0 x Short-term investments 530 X Receivables, net OX Merchandise inventories 0 x Other current assets OX Total current assets OX Net property and equipment 0 x Other assets OX Total assets 5 OX Accounts payable $ 0 x Accrued salaries and benefits 0 X Accrued member rewards Deferred memberships fees 0 x Current portion of long-term debt 0 X Other current liabilities 0 x Total current liabilities Long term debt, excluding current portion OX Other liabilities OX Total liabilities OX Preferred stock 0 Common stock 0 X Additional paid-in capital OX Accumulated other comprehensive loss OX Retained earnings OX Treasury stock OX Total Costco stockholders' equity OX Noncontrolling interests OX OX Total liabilities and equity Total equity COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 S millions Forecast Net income including noncontrolling interests 5 OX Add: Depreciation OX Add: Stock-based compensation OX Receivables.net OX COSTCO WHOLESALE CORP Forecasted Statement of Cash Flow For the year ended Sep. 01, 2020 $ millions Forecast Net income including noncontrolling interests $ 0 x Add: Depreciation 0 x Add: Stock-based compensation OX Receivables, net Merchandise inventories 0 X Other current assets 0 x Other assets 0 x Accounts payable 0 x Accrued salaries and benefits Accrued member rewards OX Deferred membership fees 0 x Other current liabilities 0 x Other liabilities Net cash from operating activities OX Capital Expenditures 0 X Net cash from investing activities 0 x Dividends 0 x Change in current maturities of L-T debt OX Change in L-T Debt OX Stock repurchases 0X Net cash from financing activities OX Net change in cash 0 X Beginning cash 0X Ending cash OX $
